Bank of New York Mellon Corp Increases Stake in ACNB Co. (NASDAQ:ACNB)

Bank of New York Mellon Corp grew its stake in ACNB Co. (NASDAQ:ACNB) by 3.3% during the 4th quarter, HoldingsChannel reports. The firm owned 24,524 shares of the bank’s stock after buying an additional 785 shares during the quarter. Bank of New York Mellon Corp’s holdings in ACNB were worth $977,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in ACNB. Thrivent Financial for Lutherans purchased a new stake in ACNB during the third quarter worth $300,000. The Manufacturers Life Insurance Company raised its position in shares of ACNB by 13.5% in the third quarter. The Manufacturers Life Insurance Company now owns 116,196 shares of the bank’s stock worth $5,074,000 after acquiring an additional 13,840 shares during the period. FMR LLC boosted its stake in shares of ACNB by 3.9% during the 3rd quarter. FMR LLC now owns 570,731 shares of the bank’s stock worth $24,924,000 after acquiring an additional 21,358 shares in the last quarter. BNP Paribas Financial Markets grew its position in shares of ACNB by 352.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 6,612 shares of the bank’s stock valued at $289,000 after acquiring an additional 5,150 shares during the period. Finally, Martingale Asset Management L P purchased a new position in shares of ACNB in the 3rd quarter valued at about $223,000. Institutional investors and hedge funds own 32.35% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Raymond James assumed coverage on ACNB in a research report on Friday, March 21st. They set an “outperform” rating and a $47.00 price target on the stock. Piper Sandler upgraded ACNB from a “neutral” rating to an “overweight” rating and increased their target price for the company from $37.00 to $50.00 in a research report on Monday, March 3rd. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $48.75.

ACNB Stock Down 1.7 %

ACNB opened at $41.35 on Wednesday. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.83. ACNB Co. has a twelve month low of $30.24 and a twelve month high of $50.72. The company has a market cap of $435.95 million, a PE ratio of 11.09 and a beta of 0.65. The company has a 50-day moving average price of $40.80 and a 200 day moving average price of $42.42.

ACNB (NASDAQ:ACNB) last released its earnings results on Thursday, January 23rd. The bank reported $0.77 earnings per share for the quarter, missing the consensus estimate of $0.83 by ($0.06). ACNB had a net margin of 24.09% and a return on equity of 10.91%. Sell-side analysts expect that ACNB Co. will post 3.22 earnings per share for the current fiscal year.

ACNB Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Friday, February 28th were issued a $0.32 dividend. The ex-dividend date of this dividend was Friday, February 28th. This represents a $1.28 dividend on an annualized basis and a yield of 3.10%. ACNB’s payout ratio is currently 34.32%.

About ACNB

ACNB Corporation, a financial holding company, offers banking, insurance, and financial services to individual, business, and government customers in the United States. The company provides checking, savings, and money market deposit accounts, as well as time deposits and debit cards. It also offers commercial lending products, such as commercial mortgages, real estate development and construction loans, accounts receivable and inventory financing, and agricultural and governmental loans; consumer lending products, including home equity loans and lines of credit, automobile and recreational vehicle loans, manufactured housing loans, and personal lines of credit; and mortgage lending programs include personal residential mortgages, and residential construction and investment mortgage loans.